(Image source: Sproutt homepage.)
Sproutt Insurance, a New York-based life insurance distribution startup focusing on the wellness of the applicant and policyholder, has announced the availability of a new product that it says enables its customers to qualify for and buy a life insurance policy entirely online in a matter of minutes. The product is offered in partnership with Woburn, Massachusetts-based insurance carrier SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) and Afficiency (New York), a startup that delivers life insurance via API.
Sproutt characterizes the new product as an important step towards expanding efficient and easy access to personalized, data-driven life insurance policies. “Unique in an industry defined by penalizing risky behaviors, Sproutt focuses on the positive aspects of its users’ lives,” Sproutt’s announcement of the new product says.
The new product’s Quality of Life Index (QLI) assesses the user’s lifestyle and allows Sproutt to provide a personalized set of suggestions, recommendations, and references based on the latest medical research. By answering an online questionnaire, the platform identifies healthy behaviors—movement, sleep, emotional health, nutrition and overall lifestyle balance—to determine the most relevant policies for its customers.
“We at SBLI believe in putting our customers first—it’s central to what drives us,” comments Denis Clifford, SVP, Chief Distribution Officer, SBLI. “We are thrilled to partner with Sproutt, whose revolutionary approach to life insurance serves as a model for a more personalized, customer-centric life insurance experience while leveraging data and technology to drive an efficient buying process and promoting living a healthy life. In adding Sproutt as a distribution partner, we have a path to reach customers that choose to live healthier lives, while continuing to drive an enhanced digital experience to our customers.”
Working with Afficiency’s underwriting and policy delivery engine, Sproutt’s AI-based technology matches eligible individuals with the right SBLI insurance, according to Sproutt’s announcement. Combining advanced AI and data generated by the QLI, Sproutt says it can detect and analyze a consumer’s lifestyle attributes, determine if they’re eligible for the offered policy, and follow through to the purchase of the actual policy in just 10 minutes. The process requires no medical exam, phone calls, or offline appointments to obtain life insurance coverage.
Modernizing the Life Insurance Lifecycle
“At Afficiency, our goal is to modernize the entire life insurance lifecycle for the customer, and ensure we deliver products that are easy to understand, easy to purchase and entirely digital,” comments Mark Scafaro, CEO and Co-Founder, Afficiency Inc. “Sproutt’s salient commitment to streamlining the customer experience falls perfectly in line with that mission, and the proven success and future potential of their advanced AI technology makes them a natural choice to showcase our new products.”
“Sproutt’s mission is to provide the best insurance for people who take care of their lives,” comments Yoav Shaham, CEO and Co-Founder, Sproutt. “Embedding the Quality of Life Index (QLI) data into the entire insurance buying journey enables us to detect and qualify the right customers, and now, with this partnership, we can offer them a complete digital buying experience and purchase within minutes, without compromising on coverage or price. The Term Life Insurance product developed by SBLI and the API platform that Afficiency offers are the perfect solution to fulfill our vision, and we are excited to partner with them.”
Based on the QLI, Sproutt says it ensures that SBLI’s policyholders are low-risk consumers who not only love the lives they live but are rewarded for their lifestyle choices with affordable life insurance rates. “With Afficiency’s API accelerating the process, users are empowered to have more time for other things,” Sproutt’s statement says.